What to do if the U.S. Banking System Collapses

What to do if the U.S. Banking System Collapses

The United States is currently experiencing the worst financial crisis since the Great Depression. Trillions of dollars have already disappeared from 401Ks, manufacturing and retail bankruptcies have forced record numbers of workers onto unemployment roles, and a tidal wave of foreclosures is steadily eroding real estate values along with the tax base of major cities. By all estimations the banking crisis will likely get much worse before it gets better. But what happens in the event of a total U.S. bank collapse? Is it even possible to prepare for widespread and total banking failure? The prospect of a total collapse of the U.S. financial system might seem too horrible to contemplate, yet taking a few basic precautions can go a long way toward providing a family with a sense of safety and security should a large number of major U.S. banks go under simultaneously. What follows are some simple suggestions and basic preparations that will make it easier to survive and move on in the event of a major banking catastrophe:

1 Review Your Deposits and Spread Them Around if Necessary

The Federal Deposit Insurance Corporation (FDIC) insures checking and savings accounts, and also most IRAs, up to a total of $250,000 per person. If the entire financial system collapses, FDIC might not do anybody much good, but if several major banks collapse, you sh...

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